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Billionaire Agrees to Buy the Grizzlies

National Basketball Association(NEW YORK) -- California businessman Robert Pera has agreed to purchase the Memphis Grizzlies from Michael Heisley.

The deal is worth somewhere near $350 million according to sources of ESPN.com Senior Writer Marc Stein. The sale is subject to the approval of the NBA's board of governors.

Pera is the founder and CEO of wireless equipment maker Ubiquiti Networks and was once on Forbes' list of the 10 youngest billionaires in the world.

Heisley bought the Grizzlies in 2000. At the time the franchise was playing in Vancouver and Heisley brought them to Memphis in 2001.

Since the move the to Memphis, the Grizzlies have made the playoffs five times, including appearances the last two seasons.

Copyright 2012 ABC News Radio

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